v3.22.1

Income Taxes

12 Months Ended

Dec. 31, 2021

Income Taxes.

Income Taxes

Note 18. Income Taxes

For the years ended December 31, 2021 and 2020, the income (loss) before income taxes consisted of the following:

​

​	​	​	​	​	​	​
​		2021			2020
Domestic	​	$	3,137	​	$	(91,030)
Foreign	​		(188)	​		(1,195)
​	​	$	2,949	​	$	(92,225)

​

​

Income tax expense for the years ended December 31, 2021 and 2020 consisted of the following:

​

​	​	​	​	​	​	​
​	​	For the years ended December 31,
​		2021			2020
Current:		​			​
Federal	​	$	—	​	$	​
State	​		56	​		7
Foreign	​		—	​		—
Deferred:	​			​
Federal	​		—	​		—
​	​	$	56	​	$	7

​

Income tax expense differed from the amounts computed by applying the applicable United States federal income tax rate to loss from continuing operations before taxes on income as a result of the following:

​

​	​	​	​	​	​	​	​
​	​	For the years ended December 31,
​		2021			2020
Income (loss) from operations before income taxes	​	$	2,949	​	$	(92,225)	​
Tax rate	​		21	%		21	%
​	​	​	​	​	​	​	​
Computed “expected” tax benefit	​		619	​		(19,367)	​
State taxes, net of federal income tax benefit	​		1,516	​		(2,395)	​
Change in valuation allowance	​		(10,946)	​		12,459	​
Expiration of Stock Options	​	​	4,445	​	​	—	​
Nondeductible expenses	​		1,104	​		10,841	​
Return to Provision Adjustment	​	​	2,403	​	​	—	​
Other items	​		915	​		(1,531)	​
Income tax expense (benefit)	​	$	56	​	$	7	​

​

​

Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets and liabilities as of December 31, 2021 and 2020 are as follows:

​

​	​	​	​	​	​	​
​	​	December 31,
​		2021			2020
Deferred income tax assets		​			​
Net operating loss carryforwards	​	$	48,556	​	$	50,446
Stock-based compensation	​		507	​		4,765
Intangible assets and other	​		4,235	​		9,034
Net deferred income tax assets	​		53,298	​		64,245
Less:	​			​
Valuation allowance	​		(53,298)	​		(64,245)
Net deferred income tax assets	​	$	—	​	$	—

​

​

The Company assesses the need for a valuation allowance related to its deferred income tax assets by considering whether it is more likely than not that some portion or all of the deferred income tax assets will not be realized. A valuation allowance has been recorded against the Company’s deferred income tax assets, as it is in the opinion of management that it is more likely than not that the net operating loss carryforwards ("NOL") will not be utilized in the foreseeable future.

The cumulative valuation allowance as of December 31, 2021 is $53,298, which will be reduced if and when the Company determines that the deferred income tax assets are more likely than not to be realized.

​

​	​	​	​
As of January 1, 2020		$	51,788
Charged to cost and expenses	​		11,984
Return to provision true-up and other	​		473
As of December 31, 2020	​		64,245
Charged to cost and expenses	​		(8,544)
Return to provision true-up and other	​		(2,403)
As of December 31, 2021	​	$	53,298

​

As of December 31, 2021, the Company’s estimated aggregate total NOLs were $150,926 for U.S. federal purposes, expiring 20 years from the respective tax years to which they relate, and $56,336 for U.S. federal purposes with an indefinite life due to new regulations in the TCJA of 2017. The NOL amounts are presented before Internal Revenue Code, Section 382 limitations ("Section 382"). The Tax Reform Act of 1986 imposed substantial restrictions on the utilization of NOL and tax credits in the event of an ownership change of a corporation. Thus, the Company’s ability to utilize all such NOL and credit carryforwards may be limited. The Coronavirus Aid, Relief, and Economic Security Act or "CARES Act" was enacted subsequent to the December 31, 2019  period, on March 27, 2020.  The CARES act provided for favorable business provisions. However, the Company does not anticipate the income tax provision changes to materially benefit the Company.

​

The Company files its tax returns in the U.S. federal jurisdiction, as well as in various state and local jurisdictions. The company is not currently under audit in any taxing jurisdictions. The federal statute of limitations for audit consideration is 3 years from the filing date, and generally states implement a statute of limitations between 3 and 5 years.  

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- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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